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Probus Estates PLC (PBE)

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Tuesday 20 January, 2004

Probus Estates PLC


Probus Estates PLC
20 January 2004


Further to the announcement of 19 December 2003, the Directors of Probus Estates
PLC ('Probus', the 'Company' or the 'Group') announce that on 16 January 2004
the Company agreed the sale of Revostiney S.L. and its subsidiaries (the 
'Revostiney Group').  The Revostiney Group holds the Group's investment in the
Casino de Mallorca and land adjacent to it.  The Casino de Mallorca was acquired
in 2000 and operates a casino in Mallorca.

The gross consideration for the sale is Euro 27 million out of which Probus will
settle various liabilities totalling around Euro 13 million, including gaming
tax and the mortgage secured on the casino.  The Directors intend that the net
proceeds of the disposal will be applied to reduce the outstanding secured
indebtedness of the Group in accordance with the standstill agreement entered
into on 31 January 2003 with the Group's largest creditor, Uni-Invest N.V.

For the year ended 31 December 2003, the unaudited results of the Revostiney
Group showed turnover of Euro 13.2 million and a loss before tax of Euro 1.037
million. In the consolidated interim accounts of the Group for the six months
ended 30 June 2003, the gross book value of the Revostiney Group was Euro 28.85

The purchaser has paid a non-refundable deposit of Euro 1 million.  A further
non-refundable deposit of Euro 2 million will be payable on 3 February 2004
which is the date upon which it is expected that the sale and purchase agreement
will be notarised under Spanish law.

The principal condition of the agreement outstanding is the approval by the
local authorities of the transfer of the gaming licence to the purchaser, a
process which is anticipated to take several weeks.

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                  

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